do reply
This query is : Resolved
30 December 2009
1.I am engaged in wholesale business and also have a commission agency. My turnover from wholesale business this year is Rs.38 lakh while my commission income is Rs.5 lakh. Do I have to get my accounts audited since the total is exceeding Rs. 40 lakhs?
Arjuna Raina
(Expert)
30 December 2009
no if one of your business exceeds 40lacks then audit
30 December 2009
But i feel the momment my turnover exceeds 40 lakhs of my both business i need to get my books of a.cs audited?
30 December 2009
Both are business income hence these will be clubbed because the nature is of sales and gross receipts.
See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.
See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.
CA.ViVeK M ACA
(Expert)
30 December 2009
I do agree with Mr surendra kumar......Audit requirement under section 44AB will emerges
Heera Nahariya
(Expert)
30 December 2009
Agree with Sir Rakhecha & expert Mr. Vivek
CA Ravi Sisodia
(Expert)
30 December 2009
calculation of turnover is Assesse wise not business wise.(sec.44AB)
Arjuna Raina
(Expert)
31 December 2009
AGREED
Murtaza I Bhagat
(Expert)
31 December 2009
agree to all
Vishnu Saboo
(Expert)
03 January 2010
yes , you are thinking right Sonia.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Movement of goods by packers and movers - type of sale - Reg.
- Gst credit note by supplier
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Closer of business and itc of capital goods
- Rectification under processing even after 6 months cpc portal
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
